Macquarie Bank makes sweeping home loan rate cuts

author-avatar By
on May 15, 2020
Macquarie Bank makes sweeping home loan rate cuts

Photo by cottonbro from Pexels

Macquarie Bank and Northern Inland Credit Union have made a sweeping raft of rate cuts across their owner occupier and investment home loans.

It was a fairly quiet week for home loan rate cuts, with Macquarie Bank and Northern Inland Credit Union being the only lenders to make any.

Over the last few weeks, the bulk of rate cuts have been made to fixed loan products, with advertised rates hovering ever closer to the 1% p.a mark. 

Across the board, many fixed home loans now have similar rates to their variable loan counterparts, as seen in the table below.

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Lender

Variable
More details
UNLIMITED REDRAWSSPECIAL OFFER
  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
UNLIMITED REDRAWSSPECIAL OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
Variable
More details
AN EASY DIGITAL APPLICATION
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
More details
NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.

Variable Home Loan (Principal and Interest)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 18, 2022. View disclaimer.

Macquarie Bank

Macquarie Bank made a wide variety of cuts across both owner occupier and investment loans. Key cuts are below:

  • Basic Variable Owner Occupied P&I 60: 5 basis point cut to 2.64% p.a. (2.64% p.a. comparison rate*)
  • Offset Variable Owner Occupied P&I 60: 5 basis point cut to 2.64% p.a. (2.91% p.a. comparison rate*)
  • Basic Flyer Home Loan P&I 60: 5 basis point cut to 2.69% p.a. (2.91% p.a. comparison rate*)
  • Offset Flyer Home Loan P&I 60: 5 basis point cut to 2.69% p.a. (2.91% p.a. comparison rate*)
  • Basic Variable Owner Occupied P&I 70: 10 basis point cut to 2.74% p.a. (2.74% p.a. comparison rate*)
  • Offset Variable Owner Occupied P&I 70: 10 basis point cut to 2.74% p.a. (3.01% p.a. comparison rate*)

And for investors...

  • Basic Variable Investment P&I 60: 10 basis point cut to 2.89% p.a. (2.89% p.a. comparison rate*)
  • Offset Variable Investment P&I 60: 10 basis point cut to 2.89% p.a. (3.16% p.a. comparison rate*)

Northern Inland Credit Union

This small credit union has made some pretty big rate cuts, reducing rates by up to 85 basis points across their owner occupier and investment home loans.

  • Introductory Home Loan P&I Fixed 1 yr: 50 basis point cut to 2.29% p.a. (3.92% p.a. comparison rate*)
  • Introductory Home Loan P&I Fixed 3 yrs50 basis point cut to 2.29% p.a. (3.65% p.a. comparison rate*)
  • Fixed Rate Owner Occupied 1 yr50 basis point cut to 2.79% p.a. (4.99% p.a. comparison rate*)
  • Fixed Rate Owner Occupied 3 yrs50 basis point cut to 2.79% p.a. (4.60% p.a. comparison rate*)

And for investors...

  • Introductory Investment Loan P&I Fixed 2 yrs: 70 basis point cut to 2.79% p.a. (3.87% p.a. comparison rate*)
  • Introductory Investment Loan P&I Fixed 3 yrs: 70 basis point cut to 2.79% p.a. (3.77% p.a. comparison rate*)
  • Introductory Investment Loan P&I Fixed 1 yr: 85 basis point cut to 2.79% p.a. (3.96% p.a. comparison rate*)

With the cash rate looking to be set in stone for some time, it may be a good time to consider fixing your interest rate and locking in the savings. 


Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

Latest Articles

author-avatar
Emma Duffy is Assistant Editor at Your Mortgage and  Your Investment Property Mag, which are part of the Savings Media Group. In this role, she manages a team of journalists and expert contributors committed to keeping readers informed about the latest home loan and finance news and trends, as well as providing in-depth property guides. She is also a finance journalist at Savings.com.au which she joined shortly after its launch in early 2019. Emma has a Bachelor in Journalism and has been published in several other publications and been featured on radio.

Collections:

Be Savings smart.
Subscribe for free money newsletters.

By subscribing you agree
to the Savings Privacy Policy